NYMEX Gas is on a 3 day bullish run gaining 64.7 cents (14.62%). As the session continues, it seems to maintain one direction — after dipping down to $5.68, US Natural Gas regains earlier losses and goes up to $5.68 per MMBtu.
New United States Crude Oil Inventories improved upon the previous -1.73 million figure while also exceeding analyst expectations with a reading of 2.59 million.
Uptick comes while some more positive signs for NYMEX Gas are out as United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million.
Nevertheless, United States Consumer Confidence published yesterday at 14:00 UTC came out at 102.5, falling short of the 106.5 projections and continuing its decline from the previous 107.8 figure.
Meanwhile, United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000.
As the trading day comes to an end, chart analysis indicates Natural Gas is 18 cents away from testing key resistance at $5.86. Peaking above this level could inspire market bulls and open the path to further gains.
Rallies can also be seen in other Energy, having closed the previous session at $4.12, Heating Oil is up 0.81% today to currently trade at around $4.15.
Other Energy are showing mixed performance as Brent Crude Oil trades close to $96.15, with no major change.
Moreover, macro data could boost sentiment further as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC.
Also worthy of note, tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0.2% from the preceding figure of 0.3%. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 220,000 from the preceding figure of 214,000.
2 months ago Natural Gas reached a significant high of $9.68 but has consequently lost 42.09% since then.